North Shore Bank to offer Closing Cost and Down Payment Assistance to Qualifying Home Buyers

North Shore Bank to offer Closing Cost and Down Payment Assistance to Qualifying Home Buyers

PEABODY, MA – (www.northshore-bank.com) North Shore Bank is pleased to announce that it will again be participating in the Federal Home Loan Bank of Boston’s Equity Builder Grant Program — a program that provides up to $11,000 in closing cost and down payment assistance to qualifying home buyers. To be eligible borrowers cannot earn more than 80 percent of the median income for the area (based on the address of the property being purchased). Interest does not accrue on these grants and the proceeds would only be due if the property is sold within the first five years of home ownership.

In 2014, North Shore Bank (and Saugusbank) awarded four such grants totaling almost $70,000 out of an available allocation pool of $150,000 (for each approved lender).

According to North Shore Bank Vice President Joanne Donovan:

“We’re really excited to be participating in the Equity Builder Program again. Over the years we’ve seen that the availability of this product can literally make the difference to some borrowers between home ownership and renting. It’s extremely rewarding to be in a position to offer this type of direct assistance.”

In addition, North Shore Bank also offers a coupon for $500 off closing costs to any first-time homebuyer qualifying for an Equity Builder Grant (and receiving a North Shore Bank mortgage). For more information visit northshore-bank.com/equity-builder or contact Joanne Donovan at 781-426-2168 or jdonovan@northshore-bank.com.

North Shore Bank is a full-service community bank based in Peabody, Massachusetts and serving the personal and business banking needs of the North Shore, eastern Massachusetts and southern New Hampshire. Established in 1888, the bank operates out of ten area offices, located in Beverly, Danvers, Middleton, Peabody, Salem and Saugus.